Unusual Machines acquisition of Upgrade Energy (DroneNX)
Unusual Machines, which makes NDAA-compliant drone components for defence and commercial customers, added a US drone battery maker.
- Company
- DroneNX LLC (Upgrade Energy)
- Type
- M&A
- Status
- Completed
- Date
- 19 Oct 2026
- Value
- US$26m
- Value basis
- US$25.0m in shares plus US$1m cash at closing, with an earn-out of up to US$26m (up to US$52m in total)
- Region
- US
- Segment
- Drones and autonomy
Parties
- Unusual Machines buyer
- Matthew Barnard seller
Key terms
- Signed
- 7 May 2026 (announced 11 May)
- Consideration
- 1,792,012 shares (about US$25.0m) and US$1m cash
- Earn-out
- Up to US$26m in cash if Upgrade's revenue exceeds US$10m in the first or second calculation period
- Funding
- Cash on hand
- Management
- The seller became CEO of the acquired business on a two-year employment agreement
Sources
- Unusual Machines 8-K: completion of the DroneNX acquisition sec.gov · 23 Oct 2026
- Unusual Machines press release: completes acquisition of Upgrade Energy sec.gov · 19 Oct 2026
Record DEF-INV-2026-0030. Investments are kept apart from the financings register and never counted in debt totals.
